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Selling next to a potential development

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  • Selling next to a potential development

    We are in the SE in a reasonable market, right in town, well priced for size, most of house recently well done, all mainly neat and tidy.
    Getting lots of viewings (on for nearly 5 weeks).
    HOWEVER the sports club next door wishes to move and there is a planning application supposedly due to go in soon from a developer. Pre planning advice has been given and was damning but rumour is it will be approved. Sports club have been in local press about their move.
    Sports club is pretty, developers other houses are not.
    All second viewings are stating this as their reason for not offering. We really don't want to lose the house we have found and are starting to despair. What can we do to move this situation along?
    Thank you for any and all advice!

  • #2
    Re: Selling next to a potential development

    That is a pretty horrible situation. Opposing it is a complete waist of time. Whilst I believe the government should be shrinking the population, they are hell bent on expanding it and building loads more houses. In reality your only chance is to sell it so cheap people will not be able to walk away. You would also have to explain this on the first viewing. You may also want to consider selling your property to the developer, if that's possible.

    Good Luck


    • #3
      Re: Selling next to a potential development

      Thank you. I agree that opposing it will just lengthen the time it takes to sell. Unfortunately at the price it will go at we can't buy the house we want anyway, we're already now 10% under the Zoopla type estimates.
      The developer has turned us down flat.
      Its upsetting to know that the last 5 years paying into a mortgage were worth nothing after all and that as a young family all our supposed equity is now gone. Maybe the Europeans and their renting are right after all!


      • #4
        Re: Selling next to a potential development

        Hi Rebecca,

        This does sound like a bit of a horror scenario, especially if the price is reducing to the point where you now have no, or little, equity.

        But, maybe you've hit the nail on the head in your last sentence. "Renting". As you've already stated, your equity is now dwindling, so does the sale of your house have to happen to allow you to purchase your new house or are you able to source the additional deposit needed from elsewhere, or even increase the mortgage required?

        If this is a possible option, you will then be able to change your mortgage to a BTL mortgage on an interest only to start with and hopefully the rent you receive will cover both the BTL mortgage as well as having spare for general costs, agent fees plus any leftovers could go towards your new, slightly higher, residential mortgage?

        Could that be a solution?


        • #5
          Re: Selling next to a potential development

          Thanks for that, we have looked into it and we would still not have enough to get the house we want.

          We have decided to keep going for July as EA said this looks set to be a busy month and then decide what to do at the end of July. We will rent in September in the new location, question is whether we rent ours out or leave it on the market.

          EA is still hopeful he will find someone who wants a bargain in the middle of town location enough to overlook it but I am a little less sure!


          • #6
            Re: Selling next to a potential development

            The growth of the economic rates,the production and the sailes requires on certain thing - the existence of consumers.